The long saga of Judy Shelton’s twisting and turning quest for a Federal Reserve Board seat has finally come to a predictable end. Her unorthodox views made it one of the more charged and dare we say entertaining nominations in modern history.

On Thursday, President Biden formally removed Judy Shelton and twelve other Trump nominees’ names from the appointment docket. Shelton was nearly confirmed at the end of Trump’s tenure but as you may recall her nomination was able to be blocked in dramatic parliamentary fashion due to several Republican Senators coming down with COVID-19.

Though Biden has not yet indicated who he will nominate, the eventual pick should be a good signal as to what direction the President will want the Fed to go. The general consensus is that politicians of both parties, particularly if at they sit in the Oval Office, should generally be big fans of the ultra-dovish approach that has been tailored to respond to COVID-19 by Jay Powell and his deputies. The Fed’s role and activities going forward in the economic recovery will likely be highly politicized.

As vaccination campaigns continue to inch their way forward more and more focus is coming into how the Fed will handle the coming period of economic normalization. Many folks are now openly s...

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